Lima, Jan. 27 (ANDINA). Canadian-based Vena Resources announced it has been reviewing strategic options in relation to its uranium assets held by its 75% owned subsidiary, Minergia SAC, based in Peru, with the objective of finding ways to potentially unlock Vena shareholder value.
The company intends to continue to explore various strategic alternatives, including, but not limited to, a spin-off of its Minergia shareholdings to a new company in exchange for shares of the new company, a portion of which would then be distributed by it to the company's shareholders.
While there can be no assurance that this review of strategic alternatives will result in the company pursuing any particular transaction, Vena believes that, following the completion of the proposed financing, it will be well positioned to take advantage of the best available strategic option to realize the value of its uranium assets.
Vena Resources reported Tuesday it will issue a brokered offering of common shares which net proceeds are expected to be used to fund exploration and drilling at its Azulcocha project, located in the central department of Junin, and its Esquilache project, located in the southern department of Puno.
The net proceeds will also be used to fund the final phase of construction of a 1,000 tonne per day milling operation at its Azulcocha polymetallic mine, and for general working capital purposes.
Vena Resources Inc. is a Canadian mining company focused on the exploration and development of Peru's mineral potential. Together with its strategic partners, Cameco, Gold Fields and Trafigura, Vena will advance its significant portfolio of almost 90,000 hectares this year.
Employing a model of diversification across metals and regions in Peru to mitigate investment risk, the company consists of four divisions: Mining, Clean Energy, Precious Metals and Base Metals.
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